Posts made by author 'Frank Malone, Managing Broker - Gulf Shores'

In my little real estate world, a certain question, or request, from buyers' agents has been popping up lately that was not typical in years past. I have seen it in several different forms, but it is all the same: Buyer agents asking, requesting, or demanding a commission rate higher than what is being offered in MLS.  
 

Three times in the last month, I've experienced the following:

1. An offer written on a listing where other provisions state, "Commission to selling agent to be X"  (the request was higher than the MLS offering).
2. Prior to an offer being written, the buyer agent requested a higher commission. I said no, and the offer came without the request.
3. After countering an offer and prior to the receiving the buyer acceptance, the agent called and said that we have an agreement, and then the agent requested a higher sale-s...

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It has been a little over a year since Fannie Mae guidelines changed regarding condominium structural integrity inspections. If you recall, the guidelines were changed because of the Surfside Condominium collapse in June 2021. Towards the beginning of 2022, Fannie Mae issued the revision to their requirements (we covered this in a Broker Bit about 1 year ago) and the effects of the change has slowly trickled into our market. I am only aware of a few condominiums in the Gulf Shores / Orange Beach area that have actually engaged in the "milestone inspection," but I am certain that it will become more commonplace in the next few year...

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Back in "The Day", a significant portion of a Realtor's business was generated from customers randomly looking for you. If someone was new in town or needing to sell some property, frequently they would either walk-in or call your office looking for the "duty" (yes, Troy, I mean "Opportunity") agent.   

The duty calendar was updated monthly and some agents would reserve certain days every month and expect that time slot to be held for them. Frequently, there was a "back-up" duty person in case the duty agent was tending to the needs of a walk-in or call. The office phone system would carry multiple phone lines, and even with 5 or 6 lines available, often times you had to wait for a line to free up. The days reserved for duty were well-known by all  the agents…everyone knew that Susie always had Friday mornings and Tom preferred to take all day on Tuesday. The only slot...

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Unless you have been living under a rock, you know that the Federal Funds Rate has been increasing dramatically over the past year, forging the fight against inflation.  The Federal Reserve continues to study data (economy strength, employment numbers, inflation in various sectors, etc.) to determine if they need to hold steady with the rate, increase it slightly, or increase it more to continue the fight. Recent news is now showing that the increased rates are starting to have a negative effect on the banking sector with 3 bank failures in the United States and trouble brewing at Credit Suisse in Europe. The news this week is scary, but can it be good news?

Bank failures are terrible. When consumer faith in the banking system starts to wane, the ramifications for the economy are widespread. Consumers and businesses begin to rethink where and how they keep money, and some s...

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Happy New Year! 

There is no doubt that 2023 could be a new world for buyers and sellers. We all know the main reason for our new reality is the effect of interest rate increases on the housing market. Fortunately, we have a lot of cushion to work with thanks to the rapid appreciation and transaction frenzy that 2020 – 2022 brought. We realize that the market we had recently was temporary, and not sustainable, but look below what it has done to help our sellers.

Using the following criteria in a comparison to 2019 and 2022 sales:

• Closed 
• Residential Detached Single Family
• 3-4 bedroom
• 2-3 bath
• No mobile homes
• Price range $150,000 - $1,000,000
• 2019 vs. 2022 numbers

These numbers...

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